Brooklyn Rents Rise Even Faster Than Manhattan’s, Narrowing Price Gap

Brooklyn rental prices continue to climb, as the median rental price shot up 4.6 percent to $2,850 in August, compared to the same period last year, according to a report from Douglas Elliman. Manhattan prices rose as well, but at a much slower rate, leading to a price difference of just $300 in August — the second smallest price gap on record. Rentals in Manhattan increased 1.8 percent to $3,150 in August vs. the same period last year, while Brooklyn rents reached a five-year high. The number of new rentals surged in Brooklyn as well, with 554 new rentals in August alone, 166.3 percent higher than August of 2012. We’ve inlcuded Elliman’s graph of Brooklyn rental prices after the jump.